Are There Winners and Losers of Globalization? (episode 3)
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- čas přidán 6. 08. 2024
- While globalization has helped lift over a billion people out of extreme poverty in the last 20 years alone, some of the world has seen little to no movement-most notably the working- and middle-classes in developed economies like the USA, Canada, Europe, and Australia.
Tyler Cowen and Ian Bremmer examine who has benefited most from globalization and automation through a detailed examination of Branko Milanovic’s famous elephant graph. Will the next decades resemble the same outcome? How will robots change this?
Teachers! See the free Globalization unit plan: mru.io/hh2
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Series playlist: bit.ly/2mjCGSO
Practice questions: bit.ly/2lTx7Ku
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About the series:
Globalization and Robots: The Future of Work
Globalization and robots dominate the discussion of jobs, politics, and more. We’re donning our scuba gear and diving in deep to better understand where the economy is going, how students should navigate it, and how these forces shape our society.
A topic of this magnitude requires a bit more firepower than usual. That’s why we’ve partnered with the Institute for Global Affairs and enlisted two intellectual wizards to help us out: Ian Bremmer, expert political scientist, bestselling author, and Twitter extraordinaire; and MRU’s own Tyler Cowen, expert economist, bestselling author, and iron man of blogging. They’ll lead you on a rollicking adventure that explores the rise of the Avengers, the fall of Kodak, and a graph so famous it has its own mascot!
This is the third video in our “Globalization and Robots: The Future of Work” series with Ian Bremmer and Tyler Cowen.
Teachers! Get the free unit plan that incorporates this video: mru.io/urf
Watch the next video: bit.ly/2kkMpHL
Check out the series playlist: bit.ly/2mjCGSO
Practice questions: bit.ly/2lULLRJ
Welcome back. What happened?
“no one ever talks about them but they’re a whole damn continent”
Busy dodging snakes, sharks, spiders, octopii and fighting on the front lines of Emu War II
Not mentioned .. those people at the bottom of the trunk in Australia America Europe lost their jobs so it did drop negative .. the same people killed by the opioid epidemic .. when automation and AI come full swing the big winners India China Mexico will be in civil wars since no more exports will be needed and their factories will crumble when the home market has nowhere near enough demand to support them .. the rich will move their factory supply chains to places with even fewer laws and lower wages possibly Africa Vietnam anywhere there is very low taxes and an ocean port and keep raking in billions with tax loopholes
@@midnightman011 I personally like it when self interested people accidentally figure out ways to give jobs to the poorest people in the world, instead of letting them dig out of their rich, 3rd world bureaucrats' garbage heaps for sustenance. To each his own, I suppose.
Home-schooling daughter in Aus today, said this to her moments before video covered it 😂. Thanks for the great content, really helped her understand the pros and cons.
this channel is brilliant! it explains better than my lecturer does lol ups
Nice to see you for such a long time! Thanks a lot for keep making videos
i hope you finish the 4th video its already a year. we are all waiting for this wonderful series.
This is an amazing video - deep, balanced and well informed
This channel is gold! Thank you for creating this channel.
High quality and very interesting video...thanks!
very very useful n understandable , thank you so much
Such an awesome topic you've chosen. Can you please make a video on economic slowdown in India right now?
Really comprehensive! Thanks!
perfect explanation Thanks
very informative thanks
You all are just awesome.
Please upload videos frequently
We need your support to learn and be one of you.... Requesting from a third world country india
Marginal revolution university, good job and I hope you keep up the good work, by the way how did you animate those legos?
Those people in Mexico probably stopped growing corn because NAFTA slashed Mexican corn prices. They weren't "diversifying"
Yes they slashed corn prices that is great for the poor who buy corn and that food is a major part of the budget.
This was a really great series.
Thank you!
-Roman
Where can I find the episode on inequality? I don't see it on your Channel. Thanks!
I would like to learn more about the Mexican village talked about in 3:05
Great video and excellent breakdown. A lot of this aligns with what one would learn in a Globalization course.
Thank you! We built a week-long curriculum around these videos that you can find here: mru.org/teacher-resources/active-learning/curriculum-globalization-robots-and-you
-Roman
where's episode 5---Day 5 - How to Navigate a Globalized Economy?Show it if you can find,thanks!
I assume you're looking at our week-long globalization and robots curriculum (mru.org/teacher-resources/active-learning/curriculum-globalization-robots-and-you) and trying to find "The economics of choosing the right career" video?
It's here: mru.org/courses/principles-economics-macroeconomics/economics-career-finding-right-jobs-labor-markets
Nice explanation with the Globalization Elephant.
4:00 People are fine with no growth. The problem is that Inflation is not zero in that time period. So the net result is that these people are loosing the purchasing power. Its not even constant. Thats the issue.
Hi Marginal Revolution University! Thanks for the video, it has great graphics and a very clear narrative. I think, however, you definitely want to cite Lakner and Milanovic (2013, 2016) for their data and data visualisation of the "elephant". You tap on it extensively in this video, so using their work without referencing the source may be somewhat inappropriate. Cheers.
Hello,
Thank you for the comment. We do cite Milanovic at about 5:22 and we have linked to his book from our video page (under related resources) at mru.org/courses/everyday-economics/are-there-winners-and-losers-globalization. But you are correct that we should've made that citation more obvious. Thank you for the feedback - we'll do better on the next one!
-Roman
@@MarginalRevolutionUniversity what i dont understand is the focus on this graphic when it doesnt tell us if the purchasing power of the different brackets improved as much, or as little, as the income variation; ¿shouldn't we focus on a purchasing power improvements more than the salaries so we understand the changes of the quality of life in that period?
If I understand correctly, this is FAR worse for low and middle income earners in developed economies. Because growth isn't adjusted for cost of living in these places.
Where can I find more about this "elephant graphic?" Do you recommend any database?
Hi Neo,
We have some links to learn more about that graph under related materials here: mru.org/courses/everyday-economics/are-there-winners-and-losers-globalization
-Roman
It's a data visualisation by Christoph Lakner and Branko Milanovic, published in 2016. You can find it here: academic.oup.com/wber/article/30/2/203/2224294
I would like to know more about the procedings, scales and methods of research of that elephant graph. It seems a bit odd and simplistic to exert conclusions from such a distribution
We have some links to learn more about that graph under related materials here: mru.org/courses/everyday-economics/are-there-winners-and-losers-globalization
-Roman
where's episode 5? I can't find it from youtube!
Not out yet! You can sign up for updates here: mru.org/courses/everyday-economics/globalization-what-about-inequality-coming-soon
Moreover, attributing all of the elephant to globalization is just silly. Conflict was much more common in 1988. Productivity has improved DRAMATICALLY, and productivity increases cannot be explained completely through gains from trade. Sure, allowing supply chains to reach across borders has helped. But it's not the whole story.
Also, letting average wage increases alone speak for people in "third world" countries ignores the huge problems that globalization can cause for these countries. Take the IMF's meddling in Ghana. Busia was pressured by the IMF to control exchange rates in order for stable trading to occur. Two weeks later, a military coup enacted a much more violent government. This would not have happened if not for the globalizing push by the IMF.
Moreover, the future looks much less bright. Globalization is just one factor tangled to many that cause the current economic condition to be one that is leading to an ecological catastrophe. There are many factors, but I believe globalization to be a necessary condition of the ecological crisis. Globalization, for one thing, leads to worldwide adoption of the latest technology. The latest technologies, in our modern life, are ones that, on balance, make the ecological disaster worse.
I implore all of you to read Chomsky's short article "A World Without War". In short, the left is not arguing that globalization should not occur. Rather, it is important to carefully decide who the winners and losers are. Globalization is not a linear progression, it can happen in many ways. Currently, it is happening in America to benefit the rich and powerful. Total surplus may have risen from NAFTA due to gains from trade, but the way those gains from trade are distributed are heightening the trunk, while hurting the base. Moreover, the disadvantages of NAFTA were brought upon a concentrated group. You might not have noticed that your avocados were a few cents cheaper, but the people who lost their jobs certainly felt NAFTA's effects.
Insightful. Thanks.
Chomsky is NOT an economist and I would not take his work as serious economic research
@@tiendoan1333 that's a fallacy. Chompsky doesn't have to be an economicist to be right.
@@ZacharyBittner Yeah... Just because I am not a gamer doesn't mean I can't name like 50.
@@ZacharyBittner the fact that he is not an economist and his works are not directly related to the economical upsides of globalization but only the downsides, lead to a wrong analysis of the general effect of globalization on the world, so it is important to know that he isnt a economists
When trying to put the scale of 1.1 billion people into perspective, I would have expressed it as either a multiple of the U.S. population or as a percentage of the world population. What this video did was kind of haphazard -- like trying to be impressive at the expense of being illuminating.
Not all viewers are American.
Most people switch their income bracket multiple times in course of their life. If you are not able to upgrade, then your loss. Noone is obliged to ballance bad decisions of others.
You overstate the opportunity availible for people to do this.
tyler
BUS 3102
Aimed at kids, but I learned something.
so the problem is not so much globalization but wealth distribution... as always
this video is sponsored by LEGO.
this is complete propaganda hahahaha
No it is not.
Lol no this is an educational channel about economics. Maybe get out of whatever echochamber you're in right now and learn something